October 2, 2020
Palace Amusement Company (1921) Limited (PAL) has provided the following COVID-19 Update Advisory:
“Given the impact of the Covid 19 pandemic and the continued restrictions placed on operations in the entertainment industry, the directors and management of The Palace Amusement Company (1921) Limited (wish to advise as follows:
“Despite the best efforts of management to minimize overheads by way of, inter alia negotiating with landlords, utilizing fewer screens to minimize electricity cost, and staff rotation, there are various costs that are unavoidable whether or not the cinemas are operating;
“Despite having implemented international standards to make the cinemas a safe space for patrons and employees, and offering reduced rates, attendance at the cinemas continues to be severely impacted by the fluctuation in curfew hours and the spike in community spread of the Corona virus;
“Operations at Palace Multiplex were previously negatively impacted by the ZOSO and States of Emergency in St. James and the pandemic has far worsened the situation. As such, performance at these two locations has been particularly severely affected. Palace Cineplex has also suffered especially grave repercussions with attendance at zero on some occasions.
“Therefore after careful consideration, the decision was taken to close both Palace Cineplex and Palace Multiplex effective Wednesday, September 30, 2020. The management will continue to closely monitor conditions and will advise accordingly as to any new developments.”
https://www.jamstockex.com/palace-amusement-company-1921-limited-pal-covid-19-update-advisory/
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